Tourism & Hospitality | Tuesday 23 June, 2015 2:15 pm |

With the GCC currencies performing well, financially this could be an ideal time for residents and expatriates to do some travelling and make the most of trips home to visit families over the summer months.

And to help select the ultimate destinations for getaways, the Travelex team has put together a top ten list of currencies, which the dirham has strengthened against - offering impressive savings.

Current exchange rate compared to June 2014
Currencies which the dirham has strengthened against in order of % increase Extra amount received for every Dh5,000 exchanged (equivalent in dirhams shown)
1 Brazilian Real 35% Dh1,295
2 Tanzanian Shilling 33% Dh1,248
3 Turkish Lira 26% Dh1,046
4 New Zealand Dollar 26% Dh1,019
5 Swedish Krona 22% Dh908
6 Australian Dollar 21% Dh851
7 Polish Zloty 20% Dh827
8 Japanese Yen 20% Dh844
9 Euro 19% Dh813
10 Danish Krone 19% Dh814
*All figures correct up to June 18, 2015

The outstanding currency to buy is the Brazilian real, which the dirham is up 35 per cent against compared to this time last year and, with Rio’s winter season offering sun and fresh temperatures in the early 20s, many savvy Gulf residents might like to consider the land of samba for a getaway.

Those inclined towards adventure, may prefer ticking a hike up Kilimanjaro or taking part in a safari off their list, with the dirham up 33 per cent against the Tanzanian shilling.

Many of the large antipodean expatriate population will no doubt be eyeing-up a long trip home to visit the family, while they are benefiting from the dirham being up 26 per cent against the New Zealand dollar and performing 21 per cent better against the Australian dollar compared to last year.

Meanwhile those planning to jet off to Europe this summer also have cause to celebrate, with the dirham up 19 per cent against the euro. In addition, Arabia’s closest European neighbour, Turkey, has become nearly a third less expensive for those earning in dirhams, making a city break in the bustling metropolis of Istanbul or one of its coastal beach resorts, look increasingly attractive.

Errol Fonseca from Travelex comments: “With the Gulf currencies performing so well against such attractive destinations, I’m sure many will be considering taking advantage and planning a vacation to escape the heat. Hopefully this list will make the decision making process easier – particularly for those facing the expense of travelling as a family. I’m sure some of the smarter travellers are looking to hike up the luxury factor of their break or reduce the cost of their holiday - there’s no doubting the significant difference the exchange rate can make to spending power now compared to this time last year.”

Travelex is the world's leading foreign exchange specialist, providing cash and prepaid cards utilising a network of over 1,600 stores and over 1,200 ATMs in 29 countries.

(Ends.) Picture attached of Rio de Janeiro and Sugarloaf Mountain

For more information or an interview, please contact Ahmad Al-Nashash at IHC for Travelex on +971 50 8095629 ahmad@ih-c.com

The figures quoted in the article reflect Travelex’s rates. These rates are set between 7.30-9am GMT each day.

*There are a few other currencies where the dirham will have seen an even more dramatic increase in strength but these were omitted as are unlikely to be suitable or safe holiday destinations. e.g. The dirham is up by up to 54% against the Russian Rouble but we didn’t include this as an example because of some reports of foreigners being treated with hostility there.